On April 8th, it was reported that Hurun Research Institute recently released the "2024 Hurun Premium Brands - Report on Brand Preferences of Chinese High Net Worth Individuals."
According to the report, as of the beginning of 2023, China had a total of 2.08 million high net worth households with a wealth exceeding ten million RMB.
Among them, when it comes to luxury car consumption, Chinese high net worth families have shown the highest willingness to spend in the past year, reaching a staggering 780,000 RMB on average for purchasing a car.
Among the car brands most favored by high-net-worth individuals, BMW takes the lead as the number one brand considered for purchase in the coming year, followed by Mercedes in second place, and Porsche in third.
In the realm of electric vehicles, Tesla retains its title as the most favored electric car brand for the second consecutive year, with NIO moving up two spots to second place, and Li Auto climbing four spots to third.
Zeekr and Xpeng rank fourth and fifth, respectively, while Avatr makes its debut on the list this year.
Additionally, the report highlights that the market for luxury cars priced above 500,000 CNY continued to contract last year, shrinking by 7% to 580 billion CNY.
The luxury car market performance varied, with the segment priced between 500,000 to 1 million CNY contracting by 8%, while the market for ultra-luxury cars priced above 1 million CNY experienced a slight decline of 1%.
